No matter where you come from or who you are, going through a divorce will be an arduous, emotionally fraught experience. It is not uncommon for people to fight over the most insignificant things, items that might not even have any actual value. Except for child custody, nothing is so divisive as the equitable distribution of marital property. For better or worse, your case is further complicated by your or your spouse’s high net worth. Before you or your spouse start making claims, it is important that you understand how a high net worth divorce is conducted in the state of New Jersey. Please read on, then contact one of our experienced Monmouth County high net worth divorce attorneys for more information on the high asset divorce process in the Garden State.
How is a high net worth divorce different in New Jersey?
High net worth divorces are more complex, because of the greater assets and debts accrued over time. Regardless, such divorces still concern many of the same issues, including child support, alimony and, as mentioned above, the equitable distribution of property. Even in a high asset divorce, “equitable” does not equate to a “fifty-fifty split,” per se. Some assets may be split down the middle; others may be given in whole, or large part, to one spouse, while other equally valuable assets are, in the same breath, awarded to the other spouse. It can become quite convoluted, which is why the parties involved must have a full accounting of all the assets and weigh certain factors to come to an equitable outcome.
What gets factored into a high net worth divorce in New Jersey?
When determining an equitable distribution of property, the court will consider the following factors:
- A prenuptial agreement in place
- Defined benefit pension plans
- Restricted stock or stock options
- Business ownership, including partnerships, limited liability companies and/or corporations
- Professional licenses
- Involved tax structures and planning
- Offshore assets
- Bonuses that do not vest immediately
- Real estate holdings, including multiple properties and a variety of properties
- Widespread investments, including bonds, stocks and investment properties
Some of these factors may be difficult to ascertain if one of the parties to a divorce action is self-employed. As a result, substantial income from that business may not always be reported. That is why it is critical that you reach out to one of our skilled Monmouth County divorce attorneys as soon as possible.
CONTACT OUR EXPERIENCED NEW JERSEY FIRM
If you require strong legal representation for matters of divorce and family law in Rumson, Monmouth County, or anywhere in New Jersey, contact The Law Offices of Paone, Zaleski & Murphy to schedule a consultation with one of our experienced attorneys today.